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US stocks slip slightly as retail sales disappoint, Reddit rallies
S&P 500 was flat at 10:30 a.m. ET, while the 10-year Treasury yield rose to 4.65% and spot gold gained 0.6% to $4,376.02 per ounce.
US markets traded mixed on Friday after weaker-than-expected US retail sales added to concerns about consumer spending, with investors also watching developments in the Middle East. As of 10:30 a.m. Eastern Time, the S&P 500 was virtually unchanged, the Dow Jones Industrial Average was down less than 0.1%, and the Nasdaq Composite was 0.2% lower, after the index closed at a record high the prior day, according to LiveMint Markets.
Retail sales declined 0.6% in July to $763.6 billion versus the prior month, falling short of economists' expectations. Analysts cited factors that may have contributed to the drop, including lower gasoline prices versus June reducing spending at gas stations, and Amazon moving its Prime Day discount event to June.
In the bond market, Treasury yields rose, with the 10-year Treasury note yield climbing to 4.65% from 4.63% at Thursday's close. Oil prices stayed relatively stable as investors assessed uncertainty around a potential Hormuz agreement and tensions between the US and Iran, while Reddit shares surged 14.7% after the company learned its stock will be added to the S&P 500.
Elsewhere in commodities, gold prices jumped on Friday, supported by a weaker US dollar after in-line inflation readings earlier in the week. By 9:09 a.m. EDT, spot gold was up 0.6% at $4,376.02 per ounce, while silver rose 1% to $65.08 per ounce, platinum gained 0.9% to $1,733.34, and palladium increased 0.9% to $1,318.50, the outlet said.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%|Platinum $1,756.80 ▲1.8%